Japan’s exports posted a 3.1% rise in October compared to a year ago, rebounding from a fall in September that marked a 43-month low.

The climb beat expectations of a 2.2% rise from economists polled by Reuters, and is a reversal from the 1.7% fall in September.

Government data showed that Japanese exports increased the most to the Middle East region, recording a 35.4% rise, compared to the same period a year ago.

Imports to Asia’s second largest economy by GDP rose 0.4%, compared to expectations of a 0.3% fall from the Reuters poll.

As such, Japan’s trade deficit expanded to 461.2 billion yen ($2.98 billion), wider than the Reuters poll expectations of 360.4 billion and compared to September’s revised figure of 294.1 billion yen.

In a Nov. 19 note, Daniel Hurley, who is global equities portfolio specialist at T. Rowe Price, said that the key area to monitor for Japan equities would be U.S. President-elect Donald Trump’s plans for tariffs and trade relationships with partners.

Tariffs are clearly the biggest risk for an open and exporting economy like Japan’s, he said, while also pointing out that the country has a very close relationship with the U.S., and Trump in particular.

He added: “Any escalation of tensions between the U.S. and China on tariffs and trade is likely to weigh upon global trade and global growth. Japan, as an open and cyclical economy, will be impacted by any deterioration in global trade and the global economy.”